Corporate Tax Lawyers in Port Royal

A "corporation" in Port Royal, South Carolina is an organization established under state law which is considered a separate "person" from any of the people who run it.

This rule is called "corporate personhood." Basically, under the law of South Carolina, corporations are, in many ways, the same as individual human beings. So, corporations have some of the same legal rights and obligations as actual people.

One of the main legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in Port Royal, South Carolina

All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Port Royal, South Carolina have to pay.

The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are several tax brackets in between.

The tax rate in South Carolina for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.

Whatever a company's legal tax rate is, all corporations in Port Royal, South Carolina must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.

How Can a Port Royal, South Carolina Corporate Tax Lawyer Help?

Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.

But most smaller Port Royal corporations cannot afford to have these professionals on staff. So, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Port Royal, South Carolina as soon as you can.